Bond Family, New Vienna, Ohio pictured here.
Let us tell you about a couple of Clinton County families and their charitable hearts. If you have ever been at the Clinton County Corn Festival, you have seen, or better yet, you have tasted the Tolliver Family apple butter.
For years, these families have been a Corn Festival tradition and their commitment to the community goes beyond a great product. The Tolliver family takes the proceeds from this venture and deposits them into a scholarship fund for Clinton County high school seniors who are planning a career in agriculture.
Apple butter is not quite selling at the price of gold, but for their labors, the fund at the Clinton County Foundation has grown to well over $30,000. They have it invested at CCF and annually one lucky local graduate saves $1,000 on their tuition bill. How can you not be proud of a family who have a work/play hard ethic, care about farming and want to spread a little happiness through apple butter?
Next meet the the Bond family of New Vienna, pictured above. Neal and Amy decided they wanted to give back to their community, and also help others. They are able to accomplish this by establishing a donor advised fund through the Clinton County Foundation.
A donor advised fund allows you to contribute cash or appreciated assets to the fund and then direct distribution to charities. One advantage to this type of fund is contributions coming into the fund are tax deductible, but you don’t have to name the charitable recipients immediately.
The Juvenile Diabetes Research Fund is one organization the Bonds have supported in the past, and will likely continue to do so with their family directed fund. Their daughter Jessica was diagnosed with Type 1 Diabetes at age 7. She is now almost 21, and manages her diabetes very well, but the Bonds dream of a day when she no longer has to worry about her blood sugar levels.
Another area of interest for the Bonds is agriculture. Neal is a farmer, and as such, would like to help young people with his same interests get into the industry. The Bonds are considering funding a scholarship for East Clinton graduates with an interest in farming. They also are thinking of ways to give back to their community in other areas, such as physical improvements to the school or surrounding grounds.
As a farmer, Neal can make his contribution in grain instead of cash, if he wishes. Grain contributions are not listed as a charitable deduction, rather the financial benefit is simply the tax saved on avoided income.
Donor advised funds are a great way to involve family members in charitable giving. Family members can contribute to the fund, and as the fund grows, their family has the opportunity to discuss and decide their charitable plans. It’s a win-win that the Bond family—Neal, his wife Amy, and their kids—can share.
If you'd like to contribute to a fund or start your own charitable plan, visit our types of funds page to get started.